- Ethereum whale BlueWhale0113 scooped up 312.28 billion Shiba Inu tokens in the recent dip.
- Shiba Inu is poised for a breakout as bulls grow impatient, argue analysts.
- If the Shiba Inu price crosses the point of control at $0.0000118, a 150% rally to $0.0000211 target is likely.
Shiba Inu leaves competitor Dogecoin and layer-1 altcoins behind as it prepares to explode. Large wallet investors on the Ethereum network scooped up Shiba Inu, accumulating over 312 billion SHIB tokens.
Also read: Will meme coins Shiba Inu, Dogecoin make comeback after steep decline?
Shiba Inu prepares for a rally as bulls grow impatient
Shiba Inu community witnessed a massive burn overnight. Over 139.85 million Shiba Inu tokens were burned in a single transaction. Shibburn, the portal that reported a whopping 174 million SHIB tokens were sent to dead wallets in the past 24 hours. 15 separate transactions resulted in the destruction of 174 million Shiba Inu coins.
In the past hour, there have been a total of 139,854,341 $SHIB tokens burned and 1 transaction. #shibarmy
— Shibburn (@shibburn) August 10, 2022
The burn tracking website revealed that a mysterious wallet was involved in the purge of 139.85 million SHIB. Burning of Shiba Inu tokens implies their permanent removal from the meme coin’s circulating supply. The move therefore fueled a bullish sentiment among holders. According to Shibburn, a total of 410.3 trillion SHIB tokens have been burned so far.
Ethereum whale scoops up 312 billion Shiba Inu tokens
BlueWhale0113, one of the major large wallet investors on the Ethereum Network scooped up 312.28 billion SHIB worth $3.72 million ahead of Shiba Inu’s price rally. The whale’s move signaled a bullish outlook among large wallet investors that are accumulating SHIB. Proponents believe Shiba Inu accumulation by whales could fuel a rally in the Dogecoin-killer token.
Deep-pocketed Ethereum investors have cryptocurrencies with bullish potential in their portfolio. Therefore, the addition of 312.28 billion SHIB to BlueWhale0113’s portfolio is a sign that the investor expects Shiba Inu to accrue value and witness a rally soon.
BlueWhale0113’s transaction
Analysts predict 150% rally in Shiba Inu price
Analysts at FXStreet evaluated the Shiba Inu price trend and predicted a 150% rally in the meme coin. If Shiba Inu price crosses the volume point of control at $0.0000118, analysts believe it is likely that SHIB will rally towards its target at $0.0000211.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Solana price nears $60 after 6% rise in a day as institutions pour millions into SOL
Solana price trading at $58 is presently attempting to breach through the resistance level marked at $59. A rally is possible, given that SOL is witnessing a resurgence in bullishness. Month to date, Solana has witnessed inflows worth $40.2 million.
THORChain price climbs 15% as native RUNE secures self-custody wallet integration
THORChain (RUNE) price is pumping hard, recording a 15% addition to its market value on the day, alongside a 50% rise in trading volume. When price and trading volume rise in tandem, it often points to the asset gaining attention and therefore interest among buyers.
Up by 96% in a week, this altcoin is likely following Solana price rally from 2021
Solana was known as the “Ethereum killer” when it skyrocketed back in 2021; however, it did not manage to kill the DeFi home in any way. Similarly, many altcoins have since emerged that have been denoted as Solana killers, but hardly anyone has managed to do that.
Chainlink price readies for 10% gains as LINK staking v0.2 priority migration goes live
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) v0.2 migration has gone live, with the upgrade introducing a staking platform that ensures stakers enjoy greater flexibility. It also delivers improved security guarantees, a modular architecture, and a dynamic rewards mechanism.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.